The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans.
With the“From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity,” Presidentsaid in a statement. “I will never stop working to cancel student debt — no matter how many times Republican-elected officials try to stop us.”The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation.
The cancellation is moving forward even as Biden’s SAVE Plan faces legal challenges from Republican-led states. A group ofin April. In two federal lawsuits, the states say Biden needed to go through Congress for his overhaul of federal repayment plans. “One out of every 10 federal student loan borrowers approved for debt relief means one out of every 10 borrowers now has financial breathing room and a burden lifted,” Education Secretary Miguel Cardona said in a statement.Biden's new plan aims to help borrowers with large sums of unpaid interest, those with older loans, those who attended low-value college programs, and those who face other hardships preventing them from repaying student loans.
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